Cost cuts, asset sales and property write-downs in store for Tesco

London

NEW Tesco boss Dave Lewis is expected to focus on cost cuts and asset sales when he provides an update on his plans to revive the troubled British grocer's fortunes on Thursday.

Britain's biggest retailer, reeling from an accounting scandal and four profit warnings that halved its share price last year, could also detail substantial property asset write-offs to reflect the diminishing value of large out-of-town stores and development land, analysts have said.

Tesco will also report on third-quarter sales and t…